Asian stockmarkets storm higher

Asian stockmarkets soared yesterday as official interest rate cuts and international moves to inject liquidity into banking systems encouraged investors to switch cash into emerging markets.

Following a unanimous decision by US FOMC members to slash the federal funds target rate by 50bp to 1%, and a 27bp reduction in rates by the PeoplesÆ Bank of China late on Wednesday, the MSCI Asia-Pacific ex-Japan stocks index rose 10% - its third consecutive day of gains. Markets in Japan, Hong Kong,...